Cushman & Wakefield announced that the real estate services firm has been retained to market Tops Plaza for sale. The 166,634-square-foot retail asset is 97% occupied and anchored by a 92,000-square-foot Tops Friendly Markets and a 24,497-square-foot TJ Maxx.
Cushman & Wakefield’s Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer and Max Helfman and Pyramid Brokerage Company’s Benedict Borruso will be marketing the asset on behalf of the seller, an institutional partnership.
“Tops Plaza offers investors a great opportunity to acquire the submarket’s dominant grocery-anchored center,” said Gabriel. “The asset offers durable, financeable cash flow supported by high-performing anchor tenants and a weighted average lease term of over five years.”
Located at 5827 South Transit Road, the asset is situated along one of the primary retail corridors in suburban Buffalo. The Center has recent leasing momentum, with Five Below joining the tenant roster last October. Tops Plaza is currently leased to 10 tenants, including Citizens Bank, H&R Block, Supercuts, Goodwill, Solar Nails & Spa, Shoe Department Encore and Maurices, with national tenants occupying 99% of the occupied gross leasable area.
“This center is exceptionally well-positioned. According to Placer.ai data, this Tops Friendly Markets location ranks #1 in foot traffic out of the chain’s 131 stores,” added Whitmer.
Tops Plaza boasts strong visibility from S Transit Road/New York State Route 78. The asset is located two miles from Route 31, six miles from Route 104 and sixteen miles from Interstates 190 and 90.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 53,000 employees in 400 offices and 60 countries. In 2019, the firm had revenue of $8.8 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
